The legislation aims to remove bureaucracy which could potentially hinder Blockchain’s implementation, and gives the go-ahead to a permissive environment for cryptocurrency exchange.

In addition, Belarus’ ‘HTP’ – a Silicon Valley-style tech haven Lukashenko created – will have privileges extending to attracting funding through ICOs and using cryptocurrency in civil circulation, Cointelegraph previously reported last month.

“Today’s ratification of the digital economy by the president: the decree will be signed by the end of this year, and is a super liberal version with 100 percent absence of bureaucracy for supporting all forms of Blockchain adoption,” one IT industry insider close to the president wrote on Facebook following completion.

The Digital Economy takes Belarus a step beyond its neighbors in the race to incorporate emerging disruptive technologies. Russia, for example, has had a problematic road to adoption of cryptocurrency, with conflicting statements creating an uncertain picture of their future legal status.

Kazakhstan, on the other hand, has increasingly taken steps towards its stated goal of becoming the “Blockchain Singapore.”